In the latest example of the hot apartment investment market, two Thousand Oaks apartment buildings totaling nearly 400 units have sold for nearly $127 million.
L.A.- based multifamily investor Decron Properties Corp. said it has bought the 142-unit Marlowe Apartments at 550 Laurie Lane, and the 249-unit Los Robles Apartments at 300 Rolling Oaks Drive, from San Mateo apartment owner and property management firm Prometheus.
The deal is the latest in a series of acquisitions Decron has made as part of its strategy to buy and renovate older apartment complexes in well-located, tight and vibrant markets, the company said. It now owns 1,200 units in Ventura County, mostly in Simi Valley, Moorpark and most recently in Thousand Oaks.
“We saw how well the market responded to our renovations in Simi Valley and Moorpark and are now applying a similar strategy to Thousand Oaks,” Decron’s Chief Executive, David Nagel said in a statement.
The Los Robles complex was built in 1972 and Marlowe in 1966, according to Decron. The company plans to add new outdoor kitchens, fire pits and barbecues around the pool areas of both complexes, renovate the fitness centers and clubhouses and add dog parks. Interior renovations will include washer-dryer upgrades, vinyl plank flooring, new cabinetry in the kitchens and bathrooms, stainless steel appliances, quartz countertops and tile backsplashes in the kitchens.